OFFERING MEMORANDUM Net Leased Restaurant

2019 Construction MACON, GA MSA

105 Lite-N-Tie Road Gray, GA 31032 INVESTMENT OVERVIEW

PRICE: $1,930,000 | RENT: $116,000 ANNUALIZED OPERATING DATA

Property Address 105 Lite-N-Tie Road City, State, Zip Gray, 31032 Annual Rent $116,000* Estimated Building Size (SF) 2,265 Rental Escalations 10% Every 5Years Lot Size SF/Acres 36,600 SF | 0.84 Acre (s) Year Built 2019 Average Cap Rate 8.58% Rent p/SF $51.21* * Final rent amount will be determined from final construction costs, not to exceed $116,000

LEASE SUMMARY RENT SCHEDULE ANNUAL RENT MONTHLY RENT CAP RATE

Property Type Net Leased Restaurant YEARS 1-5 $ 116,000 $ 9,667 6.00% Ownership Private

Tenant Sailormen,Inc. YEARS 6-10 $ 127,600 $ 10,633 6.60% Guarantor 104-Unit Franchisee Lease Commencement Date March 2019 YEARS 11-15 $ 140,360 $ 11,697 7.26%

Lease Expiration March 2034 Option I $ 154,396 $ 12,866 7.99% Lease Term Remaining 15 Years Years 16-20 Lease Type NNN Option II $ 169,836 $ 14,153 8.78% Roof & Structure TenantResponsibility Years 21-25 Option III Options to Renew Five 5-Year Options $ 186,819 $ 15,568 9.66% Base Term Rental Escalations 10% Every FiveYears Years 26-30 Option IV Percentage Rent No $ 205,501 $ 17,125 10.63% Years 31-35 Right of First Refusal Yes Option V $ 226,051 $ 18,838 11.69% Year 36-40

This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not representthe currentor futureperformanceof the property. Marcus & Millichap Real Estate InvestmentServices is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2018 Marcus & Millichap ACT ID # Z0391025 2 INVESTMENT OVERVIEW

Property Address 105 Lite-N-Tie Road City, State, Zip Gray, Georgia 31032 Estimated Building Size (SF) 2,265 Lot Size SF/Acres 36,600 SF | 0.84 Acre (s) Year Built 2019 Rent p/SF $51.21*

* Final rent amount will be determined from final construction costs, not to exceed $116,000

INVESTMENT SUMMARY

Marcus & Millichap is pleased to present for sale this single-tenant, absolute triple-net lease Kitchen Restaurant investment opportunity located in Gray, Georgia, part of the Macon MSA. The property consists of .84-acres improved with an approximately 2,265-square foot building. The newly constructed restaurant has a brand new 15-year lease in place with Sailormen, Inc, one of the largest domestic franchisees of Popeyes Louisiana Kitchen restaurants, currently operating 103 Popeyes in and Georgia, with approximately eight to ten new restaurants being built every year. Annual base rent is set at $116,000 with 10 percent rental increases every five years in the base term, as well as the five five-year renewal options. The brand-new construction Popeyes is located on a signalize intersection across the Old Clinton Historic District. Nearby retailers include McDonald’s, , Krystal, Zaxby’s, and Huddle House. The town of Gray is in the midst of a stimulating aerospace, automotive and healthcare region. Dubbed Georgia's “Aerospace Corridor”, the region of middle Georgia is home to more than 100 aerospace companies and contractors, Robins Air Force Base, and the thriving city of Macon. Direct access to I-16 and I-75, along with Gray’s proximity to the port city of Savannah and , makes it an ideal location for new, expanding and existing business and industry.

This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2018 Marcus & Millichap ACT ID # Z0391025 Sailormen, Inc was founded in 1987 with 10 stores and grew to over 150 stores with over $185MM in revenue in Florida, Georgia, , and Louisiana. In 2018, Sailormen divested its stores in Mississippi, Alabama and Louisiana to concentrate on its new store development in both Florida and Georgia. Currently, Sailormen operates 103 Popeyes in Florida and Georgia with approximately 10 new stores slated to open by the end of 2019. Sailormen is the recipient of numerous brand awards and its Executives participate on numerous Franchisee Committees including Marketing, Operations, Development and Technology. In addition to their success as a Popeyes franchisee, the longtime partners also own and operate over 50 and restaurants through affiliated companies and Tenant Name Popeyes Louisiana Kitchen, Inc have numerous real estate holdings. Headquartered Atlanta, GA Website www.popeyes.com

Parent Company RBI, Inc

Credit Rating B1

Stock Ticker QSR

2018 Sales (TB) $18,209.2 MM Popeyes Louisiana Kitchen Current Price $55.60 as of 12/7/2018 Founded in in 1972, Popeyes® has more than 40 years of 52 Wk High/Low $65.17/$52.06 history and culinary tradition. Popeyes distinguishes itself with a unique Store Count 20,351 New Orleans style menu featuring spicy chicken, chicken tenders, fried No. ofEmployees 30,300 shrimp and other regional items. The chain’s passion for its Louisiana heritage and flavorful authentic food has allowed Popeyes to become one of the world’s largest quick service restaurant chicken concepts with over 2,600 restaurants in the U.S. and around the world. In March 2017, Popeye’s was acquired by Restaurant Brands International, Inc. (NYSE/TSX: QSR, TSX: QSP) the third largest operator of restaurants in the world. SITE PLAN SUBJECT PROPERTY

Signalized Intersection | 36,600 SF Lot

21,800 VPD

N Gray Station Middle School EAST RETAIL AERIAL Jones County High School

Water Tower Park Senior Village VPD 21,800

McDonalds Walgreens

N WEST RETAIL AERIAL Macon

Gray-8-Skate Georgia Fleet Maintenance & Repair Body Shop Community Health Care Systems SMD Self Storage New Jerusalem Baptist Church Piedmont Animal Hospital Hart’s Mortuary Jones County Chapel Exchange Bank

VPD 21,800

N LOCATION OVERVIEW | DEMOGRAPHICS GRAY, GA

During the 1880's rails were laid helping to form POPULATION INCOME HOUSEHOLDS what became the Jones County seat in 1905. Gray, GA was chartered in 1911 and has since become 2023 Projection Average 2023 Projection one of the nicest small towns to raise a family in. Preserving the small town feel and never losing 3-MILE 5-MILES 10-MILES 3-MILE 5-MILES 10-MILES 3-MILE 5-MILES 10-MILES sight of family values is Gray, GA. 9,302 12,901 38,896 $74,373 $72,095 $62,832 3,374 4,662 14,605

Notable sites and events in the Gray include the Old Clinton Historic District, an architecturally 2018 Population Median 2018 Households significant area noted for its collection of early 19th century homes and public buildings now on 3-MILE 5-MILES 10-MILES 3-MILE 5-MILES 10-MILES 3-MILE 5-MILES 10-MILES the National Register of Historic Places, and the 8,067 11,424 36,812 $58,493 $56,841 $48,183 2,881 4,066 13,688 Otis Redding memorial marker located at the corner of Highway 11 and Highway 129, in downtown Gray, near the Main Street Station. The marker is complete with photos and music.

Another location which has powerful historic importance is the Antebellum Trail, a 100-mile trek through seven historic communities that escaped Sherman’s burning march through Georgia. LOCATION OVERVIEW

MACON

Macon is the geographic center of Georgia and known for its music, 2017 giving us Little Richard, Otis Redding and the Allman Brothers. The POPULATION: metro hosts a sizable Air Force base, notable universities and the 233K Growth world’s largest true copper dome. A midpoint between Atlanta and 2017-2022*: 2.1% Savannah, Macon is the state’s fourth largest metro with 233,000 residents in Bibb, Crawford, Jones, Monroe and Twiggs counties.

2017 METRO HIGHLIGHTS HOUSEHOLDS: 89K Growth UNIVERSITY SYSTEM 2017-2022*: Mercer University is the oldest private college in Georgia, with an enrollment of 3.5% 8,600, and it is estimated to have an $367 million impact on the economy.

DIVERSE ECONOMY The metro’s employment mix is upheld by its number of government, healthcare and insurance positions.

2017 MILITARY PRESENCE MEDIAN AGE: Robins Air Force Base is the largest single-site industrial complex in Georgia. The base has an annual federal payroll of $1.3 billion and is home to the 38.2 Warner Robins Air Logistics Complex. U.S. Median: 37.8 ECONOMY

. Apart from Robins AFB, Geico, Navicent Health and the Bibb County Board of Education are the metro’s top employers. Amazon is building a fulfillment center that will employ 500 to 1,000 workers. 2017 MEDIAN . The aircraft industry maintains a local presence led by the Boeing Co., and Haeco. YKK Inc. HOUSEHOLD INCOME: represents another top manufacturer. . The utility company plans to construct a more than 500,000 solar panel facility $40,900 U.S. Median: adjacent to Robins AFB. $56,300 . Other colleges and universities include Middle Georgia State, Wesleyan and Macon State College.

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau LOCATION MAP

Atlanta MSA Population Est. 5.6 Million

Macon MSA Population Est. 420,700 NON-ENDORSEMENT AND DISCLAIMER NOTICE

DISCLAIMER Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities Or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate With a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due Diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance With State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENTS Marcus & Millichap Real Estate Investment Services, Inc ("Marcus & Millichap") is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ACT ID # Z0391025 exclusive listing Popeyes | Gray, GA

Debra L. Franklin Justin R. Sturdivant Senior Investment Associate Senior Investment Associate Associate Director Associate Director Net Leased Properties Group National Retail Group Miami Office Nashville Office 941.504.4222 Michael Fasano 305.308.2635 Georgia Broker of Record [email protected] [email protected] License: 352663 License: FL3282650 License: FL3204832 | TN333898 OFFICES NA TIONWIDE WWW.MARCUSMILLICHAP.COM